Loar’s (NYSE:LOAR – Get Free Report) lock-up period is set to end on Tuesday, October 22nd. Loar had issued 11,000,000 shares in its IPO on April 25th. The total size of the offering was $308,000,000 based on an initial share price of $28.00. After the end of the company’s lock-up period, restrictions preventing major shareholders and company insiders from selling shares in the company will be lifted.
Analysts Set New Price Targets
Several equities research analysts recently weighed in on the company. Morgan Stanley increased their target price on Loar from $70.00 to $75.00 and gave the company an “equal weight” rating in a report on Friday. Citigroup raised their target price on shares of Loar from $64.00 to $88.00 and gave the stock a “buy” rating in a report on Tuesday, August 20th. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $80.00 price target on shares of Loar in a report on Monday, October 7th.
Get Our Latest Research Report on Loar
Loar Trading Up 1.6 %
Loar (NYSE:LOAR – Get Free Report) last announced its quarterly earnings results on Tuesday, August 13th. The company reported $0.13 EPS for the quarter, topping analysts’ consensus estimates of $0.10 by $0.03. The business had revenue of $97.10 million during the quarter, compared to analysts’ expectations of $91.70 million. The firm’s revenue for the quarter was up 31.2% compared to the same quarter last year. On average, sell-side analysts expect that Loar will post 0.37 earnings per share for the current year.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Arcadia Investment Management Corp MI bought a new stake in shares of Loar during the second quarter valued at approximately $26,000. nVerses Capital LLC bought a new stake in shares of Loar during the 3rd quarter valued at $45,000. Amalgamated Bank purchased a new stake in shares of Loar in the 2nd quarter worth about $37,000. Linonia Partnership LP purchased a new stake in shares of Loar in the 2nd quarter worth about $53,000. Finally, RiverPark Advisors LLC bought a new position in shares of Loar in the 2nd quarter worth about $155,000.
About Loar
Loar Holdings Inc, through its subsidiaries, designs, manufactures, and markets aerospace and defense components for aircraft, and aerospace and defense systems in the United States and internationally. It offers products in various categories, which include airframe components, structural components, avionics, composites, braking system components, de-ice and ice protection, electro-mechanical, engineered materials, flight controls, fluid and motion controls, environmental, metal forming, molded components, and restraints and safety devices.
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